HEVI Abandons 4th Farmout Well in Saskatchewan
- AKAP
- Aug 7, 2023
- 2 min read
Helium Evolution will abandon its fourth farmout well in Saskatchewan, drilled by North American Helium, who will suspend the cased hole portion for potential re-entry and side-track drilling. This is the 6th unsuccessful well for HEVI since the IPO, although the potential for re-entry offers some hope. HEVI shares are down >70% since IPO as it has failed to achieve its 1 in 3 to 1 in 4 expected exploration success rate. HEVI provided spud dates for its remaining 3 wells - the Mankota and McCord wells are to be drilled by 31st August 2023 and the Fox well by 31st March 2024. NAH is responsible for 100% of the drilling costs for these 3 wells.
